Magazine article Public Finance

Social Housing Targets 'Likely to Be Missed'

Magazine article Public Finance

Social Housing Targets 'Likely to Be Missed'

Article excerpt

Cuts in public spending could halve the number of affordable homes built over the next ten years, it has been claimed.

The National Housing Federation's analysis of last month's Pre-Budget Report said the general squeeze on spending means housing budgets will be cut by 18% - leading to a 556,000 drop in the number of affordable homes likely to be built.

Three years ago, the government pledged to build 3 million new homes by 2020, including 1 million for social renting or lowcost ownership. By 2011, 162,000 affordable homes will have been built, said die NITF. But this rate cannot be sustained, according to die analysis, carried out for the federation bv the Institute for Fiscal Studies. The squeeze on housing could mean that just 282,000 more homes are built in the rest of the decade.

A reduction in house building of this magnitude means that it would take until 2038 to build the 1 million affordable homes projected in 2007 and would add 1,25 million people to housing waiting lists, said the NHF study, published on January 25. …

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